risk management – CIO.works

7 Risk Management Rules Every CIO Should Follow

7 Risk Management Rules for CIOs:
1. Establish risk appetite for alignment with IT strategy.
2. Maintain a comprehensive application inventory to mitigate risks.
3. Adopt a proactive cybersecurity culture and measures.
4. Formalize risk management in daily operations for clarity.
5. Assess risk strategies against real-world incidents.
6. Focus on system resiliency and recovery capabilities.
7. Align IT risk management with business objectives for better resource allocation.

https://www.cio.com/article/3954997/7-risk-management-rules-every-cio-should-follow.html

Choosing Consequence-based Cyber Risk Management to Prioritize Impact Over Probability, Redefine Industrial Security

By CIO / Blog / risk management

Consequence-based cyber risk management prioritizes the impact of cyber events over probability, vital for protecting critical infrastructure amid escalating cyber threats. This strategy is essential for sectors like energy, manufacturing, and utilities, where consequences can include operational downtime and safety risks. Integrating this approach with business goals requires understanding operational priorities and potential cyber attack impacts. Organizations face challenges like limited historical data but are adopting analytics and AI to enhance their predictive capabilities. Effective evaluation relies on key metrics like mean time to detect/respond and financial consequences. In a landscape marked by geopolitical tensions, organizations must adopt dynamic risk management strategies to ensure long-term resilience and operational continuity.

https://industrialcyber.co/features/choosing-consequence-based-cyber-risk-management-to-prioritize-impact-over-probability-redefine-industrial-security/

Cyber Risk Quantification (CRQ)

By CIO / C / risk management

CRQ: Methodology quantifying cyber risks in monetary terms; aids in assessing, prioritizing cybersecurity investments, aligning risk with business objectives. Focuses on data-driven analysis, impact measurement, decision-making.

From Qualitative to Quantifiable: Transforming Cyber Risk Management for Critical Infrastructure

By CIO / Blog / risk management

Cyberattacks on critical infrastructure are rising, necessitating a shift from traditional qualitative cyber risk management (CRM) to cyber risk quantification (CRQ). Traditional methods assign subjective risk scores but lack financial clarity, making it difficult for organizations to prioritize investments effectively. CRQ quantifies risks in monetary terms, aiding decision-making and aligning cybersecurity investments with enterprise risk tolerances. With new TSA regulations mandating comprehensive CRM programs, CRQ can enhance incident management processes by establishing clear loss evaluations, ultimately improving proactive cybersecurity strategies and compliance.

https://cyberscoop.com/from-qualitative-to-quantifiable-transforming-cyber-risk-management-for-critical-infrastructure/

ITIL

By CIO / I / IT service management, business objectives, service quality, costs, risk management, collaboration

ITIL (Information Technology Infrastructure Library) is a set of best practices and guidelines for IT service management (ITSM). ITIL has become a widely adopted framework for managing IT services, with organizations worldwide using ITIL to improve the efficiency, effectiveness, and quality of their IT operations.

ITIL offers many benefits and advantages:

Alignment with business objectives: ITIL is focused on aligning IT services with business objectives, ensuring that IT resources are being used to support the organization's overall goals. By adopting ITIL best practices, CIOs can ensure that their IT services are designed and delivered in a way that supports the organization's strategic objectives.
Improved service quality: ITIL emphasizes the importance of delivering high-quality IT services that meet the needs and expectations of users. By following ITIL guidelines for service design, service delivery, and service management, CIOs can ensure that their IT services are reliable, efficient, and effective.
Reduced costs: ITIL offers a framework for optimizing IT operations and reducing costs. By following ITIL guidelines for incident management, problem management, change management, and other key ITSM processes, CIOs can identify and eliminate inefficiencies in their IT operations, reducing costs and improving the service quality.
Better risk management: ITIL includes guidelines for managing IT-related risks, such as security breaches, system failures, and other disruptions. By following ITIL guidelines for risk management, CIOs can minimize the impact of these risks on the organization and ensure that IT services are delivered securely and reliably.
Improved collaboration: ITIL emphasizes the importance of collaboration between IT teams and other stakeholders, such as business units, customers, and partners. By following ITIL guidelines for communication, collaboration, and stakeholder management, CIOs can ensure that IT services are delivered in a way that meets all stakeholders' needs and supports the organization's overall goals.

ITIL can be a valuable tool for CIOs looking to improve their IT services' quality, efficiency, and effectiveness. By adopting ITIL best practices and guidelines, CIOs can align their IT operations with the organization's needs, optimize IT resources, reduce costs, manage risks, and improve collaboration and communication between IT teams and other stakeholders.